MVV Energie AG signs agreement to sell its Czech subsidiary MVV Energie CZ to Cube Infrastructure Managers
MVV Energie AG (“MVV”), a leading German energy company, has signed an agreement to sell 100% of its Czech activities (“MVV Energie CZ”) to Cube Infrastructure Managers (“Cube”), an independent European mid-market infrastructure investor, through its Cube Infrastructure Fund III.
The energy group MVV Energie CZ provides services to customers in 15 cities and is among the leading producers and distributors of heat in the Czech Republic. The group is also engaged in high-performance electricity generation, waste to energy production, energy consulting, water management and the provision of electronic communications services. It offers stable employment to its almost 500 members of staff in the regions. In 2021, MVV Energie CZ sold ~690 GWh of heat and ~170 GWh of power in the Czech Republic and generated Euro 78 million of revenue.
Ralf Klöpfer, Executive Board Member of MVV Energie AG, commented: “MVV is proud of the development of MVV Energie CZ since the beginning of our engagement in the Czech market. We have made significant progress in reducing the carbon footprint of the assets and building a leading energy efficiency group. This is part of our strategic course which will make us climate neutral by 2040 and climate positive from then on. We firmly believe that we have found the right long-term owner in Cube to continue and accelerate the exciting path of MVV Energie CZ.”
Saket Trivedi, Managing Director of Cube Infrastructure Managers, commented: “This investment reflects Cube’s commitment to delivering sustainable infrastructure assets to local communities and authorities. MVV Energie CZ is a perfect example of this, delivering heating and energy efficiency solutions to thousands of homes and businesses across the Czech Republic. We look forward to helping the company grow and develop its portfolio as it continues to provide future-proof energy solutions to household and commercial clients in the coming years.”
The closing of the transaction remains subject to customary closing conditions including the consent of MVV’s Supervisory Board and is expected to be completed in Q4 2022.
Alex Gorokhov/Danila Andreev
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